From The New York Times:

“Goldman Sachs, long the envy of Wall Street, has not reported a loss since the stock market crashed in 1929. But the panic of 2008 is about to put an end to its long, profitable run.

“After dodging the kind of losses that crushed rivals when the financial crisis first erupted, Goldman is now expected to join the swelling ranks of Wall Street’s losers. Analysts expect the bank to post a quarterly loss of about $2 billion, or $5 a share, on Tuesday.

“Like most banks, Goldman is suffering as its investments plunge in value. But a loss for Goldman—a firm at once admired and loathed by its rivals—would punctuate a year of grim news for the financial industry and underscore how even the mightiest in the industry have fallen.”